Financing
Energy Efficient Mortgages
Citizens Bank
Contact: 810-923-8730 Sherri Hayter (Vice President)
email: Sherrie.hayter@citizensbanking.com
- Offers 6, 9, 12 & 18 month one note construction loans (reduces costs with a locked rate)
- 30 year or 15 year fixed rate conforming & jumbo loans
- Adjustable rate & fixed interest only loans
- Allow for special scenarios such as no ratio or self-employed less than 2 years.
- Rate lock modifications available on many of our programs after completion
- Free Strategic Planning Sessions
- Free Pre-Approvals
- Bridge loans, equity loans, lot loans, two note construction loans
- Applications can be taken online, by phone, by mail or by appointment.
- Good programs for construction loans
- Will let you lock into an ARM at the time you take out the construction loan, not at the end in which the interest rate most likely will be higher
- One time closing cost for the complete loan
- Drawback: Fees are a little higher than Tri-County Bank
Tri-County Bank ~ Brown City
Contact: 810-346-2776 Sharon Peters
- Good programs for construction loans
- Vacant land loans available
- Lower closing fees
- Drawback: Will not let you lock into an interest rate until construction is over
Countrywide Home Loans ~ Lapeer
Contact: 810-245-9101 Kathleen Sterkel (Sales Manager)
- Rolls all of your interest into the loan
- No loan payments throughout construction
- One time closing
- Drawback: Base loan mainly on credit scores
Republic Bank ~ Shelby Township
Contact: (586) 532-1745 x405 Chris Biernat (Mortgage Loan Consultant)
- Availability of three different ARM programs to choose from
- Low down payment requirement
- No balloon payments
- 30 year amortization
- Competitive rates
- Drawback: Typically work with 700 credit scores, although can be negotiated with more money down, assets or reserves.
*These are companies that we have worked with in the past. Their names are provided as a service, but they are not affiliated with Envy Homes. There are many other banks and loan companies that offer similar programs.
Energy Efficient Mortgages
Energy efficient mortgages (EEM) are available to homebuyers when they are building or buying new, energy efficient homes, as well as buyers that are purchasing existing homes and making improvements towards energy efficiency. An EEM allows the homebuyer to qualify for a larger mortgage because of the savings that will come from reduced energy expenses. Energy efficient houses cost less to operate, saving money from the day you move in.
Home Financing Examples
Option A - Conventionally built home
$1100 monthly mortgage payment
$ 250 monthly energy bills
$1350 total
Option B - Green built home
$1100 monthly mortgage payment
$ 175 monthly energy bills
$1275 total
The total savings with Option B is $75 per month, or $900 each year!
Please note: this is only an example. Monthly savings will vary (positively or negatively) depending on what energy efficient aspects are incorporated into your new home
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